UBA Reports N89.09bn Profit for 2019 Financial Year

• UBA Reports N89.09bn Profit for 2019 Financial Year

The United Bank for Africa Plc on Friday reported an impressive profit before tax of N111.287 billion for the year ended 31, 2019.

In the financial statements released through the Nigerian Stock Exchange (NSE), the lender net interest income rose from N205.646 billion recorded in the 2018 financial year to N221.875 billion in 2019.

The bank’s net interest income after impairment grew from N201.117 billion in the corresponding year of 2018 to N203.623 billion in 2019.

While the lender grew profit before tax from N106.766 billion filed in 2018 to N111.287 billion in 2019.

Profit after income tax surged from N78.607 billion achieved in 2018 to N89.089 billion in 2019.

Also, the bank’s total assets expanded from N4.869 trillion in 2018 to N5.604 trillion the year ended December 31, 2019. Total liabilities stood at N5.006 trillion, up from N4.367 trillion recorded a year ago.

Similarly, total equity rose from N502.608 billion in 2018 to N597.978 billion in 2019.

Earnings per share also improved from N2.20 in 2018 to N2.52 in the year ended December 31, 2019.

Speaking on the performance, Kennedy Uzoka, the Group Managing Director/CEO, said that the 2019 financial year was an important year for the group as it gained additional market share in most countries of operation.

“The year 2019 was a very remarkable one for UBA given the adverse market developments. Nonetheless, we achieved sizable growth in balance sheet and earnings, even as we reposition the bank for the future.
“Gross earnings crossed the N500 billion threshold to N559 billion, whilst total assets also crossed the N5 trillion mark for the first time to N5.6 trillion. Our strategy remains centered around unparalleled service to our esteemed customers.

“Accordingly, we are making significant investments in a technology-driven transformation journey. We have recorded early gains as shown in the 39 per cent growth in electronic banking income to N38.8 billion in 2019, from N27.9 billion in 2018.

“Our businesses are gaining commendable share in their markets across regions in Africa, as we deepen the scale and scope of our operations.”

The CEO added that he was excited about the group’s transformational strategy and growth over the years.

“We have positioned the bank as a truly pan-African banking franchise, leveraging our operations in France, the UK and the USA, to deepen intra-African trade and facilitate capital flows between Africa and the rest of the world.

“In 2020, we will pursue aggressive deepening of market share in all our subsidiaries, leveraging technology, rich human resources and our customer-first strategy to win in all the markets we operate, notwithstanding the challenges of our operating environment,” he added.